Dubai Nightclub Owner Roberto Cavalli "Will Sell Off His Brand"
World famous designer Roberto Cavalli is reportedly in the final stages of selling his label.
The Italian designer, who also owns a nightclub in Dubai, is thought to be selling a majority stake of up to 80 percent in the luxury brand, however a spokesperson for the fashion house has dismissed the speculation as "rumours."
The label is currently awaiting its final evaluation and WWD reports private equity fund Permira, which owns New Look and Hugo Boss, are thought to be the frontrunner in sale negotiations, although representatives for the group have declined to comment.
This isn't the first time the 73-year-old designer, who frequently spends time in Dubai topping up his tan, has considered selling his eponymous brand, as he toyed with the idea in 2009 before pulling out of a deal with Italian equity firm Clessidra SGR Spa after a disagreement over the price.
Roberto Cavalli opened his first boutique in St.Tropez in 1972, and the brand has since become known for its exotic prints, luxurious fabrics, and creation of the sand-blasted jeans. In addition to his main line, Roberto Cavalli designs RC Menswear as well as the youth-aimed line Just Cavalli.